The Shaw Group Inc.
NYSE : SGR

The Shaw Group Inc.

January 07, 2005 08:53 ET

LES Selects The Shaw Group for Architecture and Engineering Contract


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: THE SHAW GROUP

NYSE SYMBOL: SGR

JANUARY 7, 2005 - 08:53 ET

LES Selects The Shaw Group for Architecture and
Engineering Contract

ALBUQUERQUE, N.M. and BATON ROUGE, La.--(CCNMatthews - Jan 7, 2005) -

Louisiana Energy Services (LES) and The Shaw Group Inc. (NYSE:SGR),
announced today an agreement for Shaw's subsidiary, Nuclear Technology
Solutions, LLC, to serve as the architect and engineering firm
responsible for design and engineering support for the National
Enrichment Facility (NEF) outside Eunice, New Mexico.

"This is a very important milestone for the project and we look forward
to an effective partnership with Shaw as the project moves toward
construction," said Jim Ferland, President of LES. "They are going to
bring a superb team of experienced engineers, designers and construction
planners to this project."

LES found Shaw's ability to meet the current building schedule and the
requirements set forth in the license application submitted to the
Nuclear Regulatory Commission - as well as in New Mexico State permit
applications - would benefit the NEF project and was key in the decision
to select Shaw.

J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw said,
"Our selection to perform the design and engineering for this important
facility is a testament to the capabilities and performance excellence
of The Shaw Group. This facility is of paramount importance to the
continued cost effective, pollution free power production in the United
States. Nuclear power will continue to be a significant part of the U.S.
power equation and Shaw is committed to providing the best solutions for
the nuclear industry."

"We look forward to working in New Mexico again and working with LES,"
Mr. Bernhard added. "We plan to join LES as an active member of the
community as the project progresses."

Construction of the NEF project is expected to start in the fall of
2006, and the facility is expected to be ready for initial production in
the winter of 2008, reaching full production capacity by 2013.

This past summer LES was in contract negotiations with another firm for
final design of the NEF. LES and the other firm have jointly agreed to
terminate contract discussions for the NEF project, being unable to
reach agreement on terms and conditions.

The NEF will provide more than 200 permanent jobs and more than 400
multi-year construction jobs in Southeast New Mexico. It will use a
proven technology that has operated safely in Europe for 30 years.

LES is a partnership of major nuclear energy companies. Partners include
Urenco, Westinghouse and U.S. energy companies Duke Power, Entergy and
Exelon.

The Shaw Group Inc. is a leading provider of technology, consulting,
engineering, construction, remediation and facilities management
services to government and private sector clients in the environmental,
infrastructure and emergency response markets. The Shaw Group is also a
vertically-integrated provider of comprehensive engineering, consulting,
procurement, pipe fabrication, construction and maintenance services to
the power and process industries worldwide. A Fortune 500 company with
over $3 billion in annual revenues, The Shaw Group debuted on the
magazine's "America's Most admired Companies" list in 2004. Shaw is
headquartered in Baton Rouge, Louisiana and employs approximately 18,000
people at its offices and operations in North America, South America,
Europe, the Middle East and the Asia-Pacific region. Additional
information on The Shaw Group is available at www.shawgrp.com.

Forward-Looking Statements - The Private Securities Litigation Reform
Act of 1995 provides a "safe harbor" for certain forward-looking
statements. The statements contained herein that are not historical
facts (including without limitation statements to the effect that the
Company or its management "believes," "expects," "anticipates," "plans,"
or other similar expressions) and statements related to revenues,
earnings, backlog, or other financial information or results are
forward-looking statements based on the Company's current expectations
and beliefs concerning future developments and their potential effects
on the Company. There can be no assurance that future developments
affecting the Company will be those anticipated by the Company. These
forward-looking statements involve significant risks and uncertainties
(some of which are beyond our control) and assumptions and are subject
to change based upon various factors. Should one or more of such risks
or uncertainties materialize, or should any of our assumptions prove
incorrect, actual results may vary in material respects from those
projected in the forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. A
description of some of the risks and uncertainties that could cause
actual results to differ materially from such forward-looking statements
can be found in the Company's reports and registration statements filed
with the Securities and Exchange Commission, including its Form 10-K and
Form 10-Q reports, and on the Company's website under the heading
"Forward-Looking Statements". These documents are also available from
the Securities and Exchange Commission or from the Investor Relations
department of Shaw. For more information on the company and
announcements it makes from time to time on a regional basis visit our
website at www.shawgrp.com.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    LES
    Marshall Cohen, 505-417-2395
    or
    April Wade, 505-440-9441
    or
    The Shaw Group Inc.
    Chris Sammons, 225-932-2546